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B
Don't
you
yeah,
I
have
half
of
the
crew.
D
B
I
haven't
been
notified:
okay,
well
paul
we're
just
missing
jacqueline
ames,
even
though
she
has
logged
into
prime
gov
and
ken
culver
is
not
here.
C
C
Thanks
for
joining
us
for
the
oklahoma
city,
employee
retirement
system,
video
conference
meeting,
we
have
a
few
announcements
to
make
regarding
this
virtual
meeting.
If
the
video
conference
is
disconnected
at
any
time
during
the
meeting,
the
meeting
shall
be
stopped
and
reconvened
once
the
audio
connection
is
restored.
C
C
C
D
B
Of
course
not
you
can
press
escape
or
go
to
your
chrome,
icon
and
click
on
it
at
the
bottom
of
your
screen.
It
should
there.
C
C
C
B
10.
here
can
can
we
go
back.
I
I
believe
there
was
an
amendment
on
item
seven
regina.
Could
you
tell
us
which
item
I
want
to
make
sure
everyone's
clear
that
the
motion
included
the
amended
most
item
case
number
3681
for
floyd
anderson
should
be
no
option.
Yes,.
A
C
A
There
we
go.
Can
everybody
see
the
monthly
report?
Okay?
Well
I'll,
try
not
to
take
too
long.
We
had
another
very
good
month
of
august,
which
you'll
see
reflected
in
these
numbers.
I
know
I
guess
the
number
when
renee
retired.
I
think
that
francis
red
was
750
million
and
you're
just
under
800
million.
A
As
of
the
end
of
the
month
of
of
august,
the
first
few
days
of
september
we've
seen
some
volatility
and
rotation
in
the
market
with
some
of
the
the
mega
cap
technology
names,
giving
up
some
value
over
the
last
few
days
and
to
bounce
back
a
little
bit
yesterday,
but
not
not
surprising,
as
we've
talked
about
that
dispersion
between
growth
and
value
over
the
last
year
has
been
as
as
big
as
we
as
we
have
ever
seen
in
large
cap,
it's
close
to
40
percent
differential
between
large
cap
growth
and
large
cap
value
within
small
cap.
A
It's
it's
similar,
so
seeing
a
little
bit
of
a
reversion
to
the
mean,
if
you
will
looking
forward
really
the
drivers
for
value
to
to
really
start
to
to
increase
in
value
or
rates
stabilizing
or
going
up,
which
has
significant
impact
on
financials
and
just
overall
economy.
A
Improving,
while
we've
seen
valuations
and
equities
come
up
quite
a
bit
over
the
last
several
months
from
the
bottom
in
march,
still
a
lot
of
uncertainty
related
to
the
economy
and
economies
opening
up
as
as
we're
seeing
in
a
number
of
different
locations
from
an
asset
allocation
standpoint
really
at
or
near
targets.
The
overweight
to
equities
is
a
function
of
the
underweight
to
real
assets,
which
is
something
we
can't
immediately
re-out
or
allocate
to,
and
it's
primarily
that
closed-end
opportunistic
real
estate
allocation
currently
the
the
opportunities
there.
A
Overall,
you
still
have
about
9.3
million
in
cash.
We
did
raise
some
some
cash
at
the
beginning
of
august
trying
to
to
keep
enough
cash
to
cover
about
a
quarter
of
benefit
and
or
operating
expenses.
A
We're
raising
when
we
raise
cash
for
your
operating
needs.
We
do
it
from
what's
overweight,
really
a
function
of
the
the
asset
allocation
and
the
targets
trying
to
bring
risk
back
to
target,
so
we
did
raise
seven
and
a
half
million
in
the
beginning
or
end
of
august
end
of
june,
I'm
sorry
and
10
million
in
the
beginning
of
august,
from
the
s
p
500
index
fund,
which
you
can
see
that
large
cap
is
the
the
biggest
overweight
from
a
performance
standpoint
numbers
look
very
good.
A
We've
seen
a
really
big
bounce
back
from
mid
mid-march
through
the
end
of
august.
So
on
a
calendar
year-to-date
net
of
fees.
The
portfolio
is
up
just
under
5
at
4.91
relative
to
your
policy
index
at
3.76,
so
about
over
a
hundred
basis,
points
of
excess
return
relative
to
what
the
asset
allocation
would
suggest
and
that
that's
really
coming
from
all
areas
of
the
portfolio
large
cap,
which
is
predominantly
passive,
and
then
the
the
intex
strategy,
which
is
benchmark
risk
controlled,
although
based
on
their
mathematical
approach
that
they
take.
A
That
strategy
tends
to
overweight
some
of
the
smaller
cap
names
in
the
large
cap
sector
and
those
have
performed
a
little
bit
better.
More
recently
did
underperform
a
bit
in
the
in
the
downturn,
but
that's
where
you're
getting
that
excess
return
over
that
calendar
year-to-date
period
within
small
cap,
you
you'll
see
continued
significant
excess
return
in
small
cap.
Much
of
this
is
due
to
earnest
partners,
while
earnest
partners
is,
is
filling
the
slot
of
a
small
to
mid
cap
exposure
within
the
value
space.
A
Their
approach
tends
to
be
more
relative
value.
In
the
recent
period,
they
have
been
underweight
to
the
deeper
value
sectors
that
have
been
hurt,
the
most
financials
real
estate,
investment
trust,
and
they
have
a
little
bit
more
exposure
to
growth-oriented
sectors
while
still
allocating
to
names
that
are
a
little
bit
less
expensive
than
the
market.
A
A
Which
is
down
five
so
that
that's
really
helping
long
short
equity?
We
have
benefited
in
the
downturn
to
the
tune
of
about
400
basis
points
on
a
year-to-date
basis,
as
the
market
has
bounced
back.
We
as
we
would
expect
trailing
trailing
the
in
the
uptick
of
the
market,
but
overall
this
has
been
a
positive
on
a
year-to-date
basis.
A
International
both
developed
and
emerging
have
performed
very
well
your
international
develop,
while
not
up
as
much
up
one
percent
year-to-date
twelve
and
a
half
percent
on
a
trailing
one
year,
significantly
outperforming
the
ife
benchmark
and
that's
really
coming
from
both
managers.
E
A
While
you
have
two
managers
there
wells
and
wasatch
wells
tends
to
be
more
mid
to
large
cap
names
within
emerging
markets
and
wasatch
is
as
a
small
cap
emerging
markets
manager,
which
tends
to
be
more
growth,
much
more
growthy
in
their
approach.
A
As
a
result,
they've
really
benefited
in
this
period
up
on
a
one-year
basis.
Wasatch
is
up
31.
Well,
it's
a
much
smaller
allocation.
Overall,
you
have
five
percent
target
to
emerging
markets.
A
It's
it's
been
a
nice
contributor
and
finally
fixed
income
and
real
estate,
while
on
an
absolute
basis,
looking
at
the
one-year
returns,
much
more
modest
than
than
equities
certainly
provided
protection
in
the
first
quarter
when,
when
equity
markets
sold
off
but
also
you're,
getting
a
little
bit
more
return
from
your
fixed
income
portfolio,
which
is
nice
to
see
in
a
period
of
time
where
rate
sensitivity
has
been
the
bigger
biggest
driver
of
returns.
A
You
have,
as
we've
talked
about
less
sensitivity
to
rates
number
one
with
the
pamco
portfolio,
that's
being
liquidated,
but
also
the
brandywine
global
bond
portfolio,
but
in
the
more
recent
period
those
have
bounced
back
quite
nicely.
You've
gotten
a
nice
nice
bump
there
so
overall
just
again,
certainly
a
different
feel
as
as
we
look
at
these
numbers
compared
to
where
we
were
in
february
march
and
even
april,
looking
on
one
year
basis,
but
from
a
manager's
standpoint,
very
comfortable
with
where
things
are
and
performance
is
looking
looking
good
in
terms
of
the
transition.
A
As
you
may
recall,
we
did
select
a
new
liquid,
so
mutual
fund
daily,
valued
absolute
return
strategy
or
a
more
dynamic,
fixed
income
strategy,
and
that's
the
p
gym
or
prudential
global
investment
management
strategy
that
was
funded
at
the
beginning
of
september.
With
proceeds
that
came
from
pamco
pamco
will
be
liquidating
over
time.
A
We
received
about
23
million
from
that
at
the
end
of
in
the
middle
of
august.
That
was
then
used
to
fund
p-gym
the
balance
of
this.
We
expect
to
get
about
another
20
of
this
pamko
strategy
back
in
october
and
then
that
balance
of
8
million
will
take
some
time
because
it's
some
less
liquid
positions,
as
well
as
a
audit
hold
back
that
that
they
hold
back
for
their
fiscal
year
audit
to
be
completed
so
that
that
balance
of
that
will
will
take
several
months
to
be
to
come
back
to
you
all.
A
A
We
are
doing
another
one
tomorrow
on
the
election
and
then
I'm
I'm
working
with
regina
and
I'm
gonna
get
her
some
dates,
and
I
will
today,
over
the
next
few
weeks
for
a
more
focused
new
trustee
education
session
for
your
board,
just
exclusive
to
the
osers
board
and
we'll
put
out
four
or
five
dates.
Hopefully
we
can
get
the
two
or
three
new
trustees
and
then
I
know
there's
two
more
trustees
that
your
our
positions
that
are
open
and
rather
than
waiting
we
can.
We
can
just
do
it
a
second
time.
C
As
many
of
you
are
aware,
we
have
an
active
election
ongoing
which
ends
tomorrow
afternoon
at
4
pm
to
fill
one
of
the
vacant
seats,
and
I
will
contact
the
mayor's
office
again
for
the
third
time
and
see
if
there's
been
any
movement
on
a
appointment
of
a
new
trustee
to
fill
dennis
spencer's
vacant
seat.
So
that's
all.
I
have.
E
Mr
chairman,
yes,
sir,
I
wanted
to
make
the
board
aware
that
previously
we
had
agreed
to
be
a
lead
plaintiff
in
the
pivotal
litigation
filed
by
the
firm
of
lebaton
chicaro
and
they
have
requested
permission
to
dismiss
that
lawsuit
and
I'm
going
to
advise
them
to
do
so,
because
some
of
the
rulings
from
the
court
are
indicating
that
we
probably
won't
be
successful
in
that
pursuing
that
litigation.
So
the
sooner
we
drop
it
the
better
for
us.
So
I
want
to
make
the
board
aware
that
we'll
be
dismissing
that
litigation.
D
Okay,
mr
mr
chairman,
I
had
added
something
I
wanted
to
bring
to
the
board
with
renee
retiring
and
with
the
starting
with
a
with
with
a
new
tenure
with
regina
as
our
manager.
One
of
the
things
that
I
would
like
for
us
to
think
about
is
the
continuity
of
operations
as
it
comes
to
managing
this
almost
800
million
dollar
system,
and
and
and
what
I'd
like
for
us
to
do
is
consider.
D
I
know
there's
within
our
pay
plan
the
ability
to
hire
another
person
to
be
a
backup
to
regina,
and
I
think
I
don't
want
to
be
in
the
same
situation.
We've
been
in
the
last
six
months
as
we
go
forward.
So
I
would
just
ask
that
we
think
about
that
and
be
diligent
about
that
and
do
something
about
that
sooner
rather
than
later.
So
that's
all
couldn't.
C
Agree
more,
I
couldn't
agree
more
and
I
had
mentioned
to
regina
previously
that
once
renee
is
officially
retired,
we
will
set
that
ball
in
motion
to
go
ahead
and
take
steps
to
try
to
fill
that
third
position.